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77 May 2025 J O U R N A L May 2025 » New York saw the biggest drop in concessions. Home sellers there gave concessions to buyers in just 5.5% of home-sale transactions, down 15.7 percentage points from a year ear- lier and the lowest share among the metros Redfin analyzed. The next biggest declines were in Miami (-13.1 ppts to 33.8%), San Antonio (-10.9 ppts to 44.4%), Tampa, Florida (-9.2 ppts to 33.9%), and Phoenix (-3.5 ppts to 51.2%). Prices are currently declining in several areas of Florida and Texas, where housing markets have been cooling for some time. Because they have had more time to adjust to a slow market, sellers in Florida and Texas have begun pricing their properties lower from the outset, which means they frequently don't need to make compromises. Boston, Chicago, San Francisco, and San Jose have the lowest concession rates after New York. When a seller lowers their asking price after putting their house on the market, accepts an offer below their asking price, or both, they may be making concessions and receiving less money than they had intended for their properties. In addition to a concession, about one in five homes (21.5%) that sold in Q1 had a final sale price that was lower than the asking price, up from 18.5% in the same period last year. About one in six (16.2%) obtained a concession and a price reduction, compared to 13% the previous year. Additionally, around one out of ten (9.9%) had all three: a price reduction, a concession, and a final sale price that was lower than the initial list price. Compared to 8% a year ago, there is an increase. Overall, a lot of last-minute home purchases are also happening as a result of growing economic anxiety. A little more than a year ago, over 52,000 home-purchase agreements in the United States were canceled in March, or 13.4% of all homes that went under contract that month. That is the third-highest March figure since 2017, with the biggest being in 2020, when the pandemic stopped the home market. WHERE HAVE PROPERTY TAXES GROWN THE MOST? I n a new study on property taxes by Joel Berner, Senior Economist with Realtor.com, the median U.S. tax bill in 2024 was $3,500, up 2.8% from 2023's totals. As tax growth varies state- by-state, in some states, tax burdens are outpacing home price growth and others where property taxes are falling even as homes appreciate in value. The study by Berner estimates that more than 40% of properties nationwide could save $100 or more by disputing their assessment value, with a median savings of over $500. Property taxes, levied by counties, municipalities, and some state govern- ments, provide funding for essential pub- lic services including schools, healthcare, and transportation infrastructure. According to Realtor.com's data, from 2023-2024, the median property in the United States saw its tax bill grow by 2.8% and 73.6% of properties had tax increases year-to-year. The median tax burden in 2024 was $3,500, up from $3,349—due primarily to home price ap- preciation, with assessed values having increased by 2% over the same period, and 59.5% of properties nationwide had their assessment value go up. Interest- ingly, 23.4% of properties saw their tax bill go up from 2023 to 2024 without their assessment value increasing, suggesting a tax rate hike independent of home valuation. The following five states saw the larg- est percentage increase in property taxes from 2023 to 2024 (see chart). The following five states saw the largest percentage increase in property taxes from 2023 to 2024: State Median Tax Burden YoY Median Assessment Value YoY Georgia 15.6% 4.8% Texas 7.8% 10.0% Main 5.9% 0.8% New Hampshire 5.6% 0.0% Wisconsin 5.5% 0.0% These five states saw decreases or no change to their median tax burden from 2023 to 2024. State Median Tax Burden YoY Median Assessment Value YoY Nebraska -15.3% 8.3% Michigan -12.9% 12.8% Kentucky -1.1% 0.0% Washington -0.2% 8.2% Tennessee 0.0% 0.0% The following five states include the highest share of properties that could benefit from property tax protesting: State Share of Homes Identified for Protesting Media Savings from Protesting Texas 51.2% $606.66 South Dakota 48.3% $431.23 California 47.8% $1,875.12 Iowa 47.3% $368.91 Illinois 46.5% $629.76